UAE Anti-Corruption & Bribery Laws Introduction At present, the United Arab Emirates (hereinafter “UAE”) does not have a comprehensive legislation directed towards curbing corruption and bribery in the country. However, the Federal Law no. 3 of 1987, which is the Federal Penal Code of UAE, provides the requisite laws to govern bribery and corruption [...]
The Targeted Economic Support Scheme At a time where countries around the world look to their governments to provide guidance on the way forward, UAE has taken preemptive measures to stimulate the economy and combat the continuing impact of Covid-19. On 14/03/2020, the Central Bank of the UAE (“Central Bank”) announced the ‘Targeted Economic [...]
UAE Central Bank’s Regulatory Framework for Stored Values and Electronic Payment Systems Introduction Recent studies by the Federal Competitiveness and Statistics Authority conclude that 90% of the people in the UAE use digital banking, while 100% has access to ATMs. While the digital market payments are seeing a year on year rise, Cash on [...]
Trademark Registration In The UAE Introduction With the increasing growth of competition in today’s world, there is a higher chance that the product you are offering may be identical with or similar to other products offered by competitors. This usually creates confusion in minds of the customers which may consequently affect your business. The [...]
UAE ON PLEDGE LAW On 15th March 2017, Law No 20 of 2016 Regarding the Pledge of Movables as Security for a Debt (“Pledge Law”) came into force in the United Arab Emirates. The Pledge Law is poised to substantially alter and create certainty in commercial lending practices in the UAE. It provides protection [...]
Ensuring Your Arbitration Agreement is Valid - Contracting with UAE Registered Companies Arbitration agreement is an agreement that provides a method of resolving disputes amicably and providing both the parties with a win-win situation. Such agreements are generally inserted as a clause in the work agreement or a separate agreement is prepared working out [...]
Power of Attorney Introduction Ranging from business decisions, to legal representations, power of attorneys represent a vital element in the legal process. This legal document can have wide utilization – it is absolutely essential for it to be in the arsenal of any individual or corporation in order for the same to be represented [...]
The Development of Competition Law in the United Arab Emirates Competition Law Regime in the UAE? Competition Law in the United Arab Emirates (UAE) is primarily governed by the Federal Law No. 4 of 2012 [“The Law”]. The law must be considered read with the Executive Regulations (Council of Ministers’ Resolution No. 37 of [...]
Should the UAE Issue Sovereign Cryptocurrency? After years of battling the advent of cryptocurrencies and their use in the mainstream market, the central banks of some countries are looking into creating sovereign digital currencies. This is a stark contrast to the ethos of cryptocurrencies, which seek to undermine the traditional and conventional financial authority [...]
UAE VAT Update: Stockpiling of Excise Goods What is an Excise Tax? An excise tax is a type of indirect tax which is imposed on the sale of a particular commodity. They are taxable, as set out in the Federal Decree-Law No 7 of 2017 on Excise Tax (“Excise Tax Law”) if they are: [...]
